Committee PrintsU.S. Government Printing Office, 1963 |
From inside the book
Results 1-5 of 100
Page 7
... present law , what in effect amounts to averaging of income over a 5 - year period is to be available for the income in the current year which exceeds the average of the income of the 4 prior years by more than one - third but only if ...
... present law , what in effect amounts to averaging of income over a 5 - year period is to be available for the income in the current year which exceeds the average of the income of the 4 prior years by more than one - third but only if ...
Page 9
... present law would continue with the present 50 - percent inclusion factor and the 25 - percent maximum rate . Certain assets not considered " true " capital assets would receive this treatment without regard to how long they were held ...
... present law would continue with the present 50 - percent inclusion factor and the 25 - percent maximum rate . Certain assets not considered " true " capital assets would receive this treatment without regard to how long they were held ...
Page 10
... law and the percentage reduction provided in each bracket by the final 1965 rates proposed by the President . TABLE 1. - Comparison of tax rates under President's tax program and under present Taxable income bracket for- law Calendar ...
... law and the percentage reduction provided in each bracket by the final 1965 rates proposed by the President . TABLE 1. - Comparison of tax rates under President's tax program and under present Taxable income bracket for- law Calendar ...
Page 11
... present law this entire $ 4,000 or $ 2,000 is taxed at 20 percent . Under present law the tax rates range from 20 percent up to 91 percent for single persons with income of $ 200,000 or more , or for married couples with incomes of ...
... present law this entire $ 4,000 or $ 2,000 is taxed at 20 percent . Under present law the tax rates range from 20 percent up to 91 percent for single persons with income of $ 200,000 or more , or for married couples with incomes of ...
Page 12
... present law 2 Amount Percent of present liability Amount Percent of present liability 0 to $ 3,000 . $ 3,000 to $ 5,000 . $ 1,450 4,030 - $ 100 6.9 - $ 310 21.4 -270 6.7 -820 $ 5,000 to $ 10,000 . $ 10,000 to $ 20,000 . $ 20,000 to ...
... present law 2 Amount Percent of present liability Amount Percent of present liability 0 to $ 3,000 . $ 3,000 to $ 5,000 . $ 1,450 4,030 - $ 100 6.9 - $ 310 21.4 -270 6.7 -820 $ 5,000 to $ 10,000 . $ 10,000 to $ 20,000 . $ 20,000 to ...
Other editions - View all
Common terms and phrases
50 percent additional adjusted gross income agricultural allowed amendments amount apply assets attributable basis beginning after December bracket calendar capital losses charitable contribution committee computed corporation cost December 31 depreciation dividend employee European Economic Community exceed excess exclusion existing law export extent fair market value filing gross income class group-term life insurance holding company income House bill income tax increase individual insurance protection interest investment credit itemized deductions joint return less long-term capital gains married couple medical expenses million minimum standard deduction moving expenses net income option price ordinary income paid payments personal holding company poultry poultry industry premiums present law proposed provides purchase rate reduction received reimbursed residence respect restricted stock result retirement income credit rule Secretary FREEMAN Section Senator BYRD single persons spouse surtax exemption tax liability taxable income taxable years beginning taxpayer tion Total trade treated as ordinary Virginia
Popular passages
Page 9 - For the diagnosis, cure, mitigation, treatment, or prevention of disease, or for the purpose of affecting any structure or function of the body...
Page 50 - Secretary or his delegate under this subtitle corresponding to the regulations which granted the option to deduct as expenses intangible drilling and development costs in the case of oil and gas wells and which were recogmzed and approved by the Congress in House Concurrent Resolution 50, Seventy-ninth Congress.
Page 6 - ... (3) losses of property not connected with a trade or business, if such losses arise from fire, storm, shipwreck, or other casualty, or from theft...
Page 13 - A reasonable allowance for salaries or other compensation for personal services actually rendered; (2) Traveling expenses (including amounts expended for meals and lodging other than amounts which are lavish or extravagant under the circumstances) while away from home in the pursuit of a trade or business...
Page 27 - Commissioner is authorized to distribute, apportion, or allocate gross income, deductions, credits, or allowances between or among such organizations, trades, or businesses, if he determines that such distribution, apportionment, or allocation is necessary in order to prevent evasion of taxes or clearly to reflect the income of any of such organizations, trades, or businesses.
Page 49 - However, if property used in a trade or business or held for the production of income...
Page 27 - In the hands of the transferor corporation, and the principal purpose for which such acquisition was made Is evasion or avoidance of Federal Income tax by securing the benefit of a deduction, credit, or other allowance which such person or corporation would not otherwise enjoy, then such deduction, credit, or other allowance shall not be allowed.
Page 50 - If the stock options do not qualify as restricted, then the difference between the option price and the value of the stock at the time...
Page 7 - The recipient organization must be one which normally receives a substantial portion of its support from the United States or any State or political subdivision thereof or from direct or indirect contributions from the general public, or from a combination of two or more of such sources.
Page 95 - Effective date This provision applies to taxable years beginning after December 31, 1963.